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Energy

Minister seeks FG’s approval for TCN to procure power transformers

Transmission Company of Nigeria set to procure power transformers to boost power supply.

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The Ministry of Power has presented a memo from the Transmission Company of Nigeria (TCN) for the procurement of power transformers to the Federal Executive Council on Wednesday.

This was disclosed by the Minister of Power, Salem Mamman via his Twitter handle on Wednesday.

He tweeted, “His Excellency Vice President @ProfOsinbajo is presiding over today’s v.FEC at the Council Chambers. The Hon. Min. of Power @EngrSMamman who is attending, shall be presenting a memo from the Transmission Company of Nigeria for the procurement of Power Transformers.”

READ: TCN MD, Sule Abdulaziz appointed Chairman of West Africa Power Pool

READ: Nigeria breaks transmission record again, hitting 5,801.60 MW

What you should know

The FEC meeting is presided over by Vice President Yemi Osinbajo, as President Muhammadu Buhari is presently on a medical trip to the United Kingdom.

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SSKOHN

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business

President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC

The President has ordered the restoration of ownership of OML 123, others to NNPC.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in a production sharing contract with the Chinese government-0wned, Addax Petroleum.

This is in line with the current administration’s rule of law, fairness and enabling a stable business environment for businesses.

This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a series of tweet posts on his official Twitter handle on Friday, April 23, 2021.

The President directed the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, while also directing NNPC to utilize contractual provisions to resolve issues in line with extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

READ: Senate to investigate 7 oil companies over refusal to remit $21 billion 

What the Presidential Media Aide is saying in the statement

The statement from Garba Shehu partly reads, ‘’In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to NNPC Group which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

‘’This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts. While directing the Department of Petroleum Resources, DPR to retract the letter pf revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.’’

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READ: Total SA to explore crude on Nigeria’s border with Sao Tome

SSKOHN

Shehu in his statement also said that the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account

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Business News

NNPC, SEEPCO sign gas development agreement for domestic market

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

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The Nigerian National Petroleum Corporation (NNPC) and an indigenous oil exploration and production firm, Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement (GDA).

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

According to a tweet post from NNPC on their official Twitter handle, the agreement between both parties was signed at NNPC’s head office, NNPC towers, on Thursday, April 22, 2021.

The statement says that this latest milestone provides the terms for the development of OML 143 Gas, providing gas for the domestic market which aligns perfectly with the Federal Government’s National Gas Expansion Programme (NGEP).

What this means

The execution of this project will not only help to support the Federal Government’s effort in reducing gas flaring by monetizing it but will also play its part in the government’s effort in the expansion of gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

 

SSKOHN
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